labor market

labor markets

The economic system in which there are a certain number of available jobs and a certain number of workers who are qualified and motivated to do those jobs is known as the labor market.

When you hear someone talking about the labor market, they're referring to the interaction between employers and workers. Part of what makes up the labor market is simply how many companies are hiring. But it also involves the number of jobs, the number of people looking for work, and how much the jobs pay, among other factors. One aspect of the labor market is that if unemployment is high, companies can pay workers less — because their jobs are in demand.

Definitions of labor market
  1. noun
    the market in which workers compete for jobs and employers compete for workers
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    type of:
    market, market place, marketplace
    the world of commercial activity where goods and services are bought and sold
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